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Mortgage Fraud Archives

Week Ending August 13, 2010


Mortgage Fraud News

Case Activity

Aug. 13, 2010

Uptown Dallas Hotbed of Fraud
The 75201 zip code includes an arts district, several entertainment centers and lots of swanky high-rise condominiums. An anlysis of mortgages there, however, indicated 13 percent of loans in the are include mortgage fraud.
read story at Dallas Morning News
Aug. 9, 2010

Sacramento Expands Mortgage Fraud Unit
The district attorney in Sacramento, Calif., has expanded the real estate fraud unit.
read announcement at SACDA.org
Aug. 6, 2010

RI AG Candidate Targets Net Branch Loophole
Stephen R. Archambault, who is running as a Democrat for Rhode Island attorney general, says mortgage brokers and originators can avoid criminal background checks and license requirements by signing a net branch agreement -- a loophole he hopes to outlaw.
read story at Providence Journal
Aug. 4, 2010

Fast Growing Fraud Detection Firm Adding 200
Rapid growth at a technology firm that helps lenders identify potential mortgage fraud has it expanding by 200 employees in Florida. The company has doubled in size each of the past three years and expects to do so again this year.

Digital Risk LLC, an Orlando-based company whose newly-opened Jacksonville branch could employ up to 300 people, is like a tech-driven detective agency for the mortgage industry.
read story at MortgageDaily.com
Aug. 1, 2010

Mortgage Fraud Helps Topple MN Bank
A new government report on mortgage fraud indicates that post-origination reviews by parties other than the lender have grown. More than two-thirds of mortgage fraud reports were filed by institutions overseen by one federal regulator.
read story at MortgageDaily.com
July 24, 2010

Mortgage Fraud Helps Topple MN Bank
Mortgage fraud by a builder of upscale homes helped bring down a Minnesota bank on Friday.
read story at MortgageDaily.com
July 16, 2010

Mortgage Fraud Shifts from Brokers to Borrowers
In 2005 the worst 3 percent of mortgage brokers accounted for 100 percent of mortgage fraud. More recent studies indicate borrowers are the cultprit.
read full story at ocregister.com
July 14, 2010

FHA Fraud Twice as Bad as Conventional
Mortgage fraud is more than twice as high on government-insured loans than on conventional mortgages, according to a new report that also indicated fraud is playing a big role in repurchase demands. The study highlighted a single street in Florida with the highest risk of fraud where prices have tumbled from more than $200,000 to less than $30,000.
read full story at MortgageDaily.com
June 18, 2010

86 South Florida Defendants Charged
Since March 1, federal charges have been filed against 86 people in South Florida for mortgage fraud.
read full story at Miami Herald

The $2 Billion Mortgage Fraud Sting
More than a thousand defendants who helped close more than $2 billion in fraudulent mortgages have been charged as part of a federal crackdown. Among the defendants were many who are mortgage brokers.
read full story at MortgageDaily.com
June 17, 2010

DOJ in NC Creates Task Force
A mortgage fraud task forces has been created by the U.S. Attorney’s Office for the Eastern District of North Carolina.
read article at Triangle Business Journal

FBI Opposes HUD Rule
In its annual mortgage fraud report, the FBI said that it opposes HUD's waiver of the FHA 90-day property flip rule because illegal schemes usually happen within a 90-day period.
read full story at MortgageDaily.com

1,215 Charged with Mortgage Fraud
Operation Stolen Dreams has netted 1,215 defendants of which 485 have been arrested since March 1. Mortgage lenders had losses of more than $2.3 billion from the related cases, while $147 million has been recovered and 191 civil cases have been filed.
read full announcement at Justice.gov


25 Defendants Charged in Eastern Michigan
Between March 1 and June 17, 25 individual have been charged with mortgage fraud, 10 have pleaded guilty and 11 have been sentenced. The actions are the result of Operation Stolen Dreams.
read full announcement at FBI.gov

Mortgage Fraud Rose and Getting Worse
An annual report from the government indicates mortgage fraud continued to increase last year, is even worse this year and is expected to deteriorate further. Areas of rising concern are schemes tied to reverse mortgages, commercial mortgages and distressed mortgages.
read full story at MortgageDaily.com
Date Defendants State Amount of Loans Overview Source
Aug. 13 Allen Seymour, Raymond A. Desautels III, Judith Piette, Jason Passell, Thomas Itemere, Erik Tancun MA $3,000,000 Seymour arraigned. Mass.gov
Aug. 13 BRIAN KEITH CAUSEY, HORACE HANCE MAYO III, MICHAEL PAUL FLUHARTY, TYRONE FORD NC $6,000,000 Guilty pleas. Justice.gov
Aug. 13 Zain Bhamani, Aly Bhamani, Shaun Bhamani CA losses of $775,000 3 defendants in Ponzi scheme also charged with fraud. FBI.gov
Aug. 12 ESTRELITA "ESTHER" GARO MIGUEL, JENNIFER GARIN MIGUEL, YOLIE CASTILLO TIBURCIO, VINAH CERIALES MORALES, GERALDINE GARIN MIGUEL LUKELA, TERESITA "TESSIE" FAELDONEA SORINO, MARY ANN LAPENIA, STEPHEN ELMER CALLO, FELICIDAD "FELICIA" TABALBAG CORPUZ, ALBERT LONOIKAUAKINI JOY, ATLANTICA KAHAUNANI "NANI" TANUVASA, LENE TANUVASA JR., SAMANTHA MICHEL, MICHELLE LEE MALULANI KAMA HI scheme Indictments. FBI.gov, Associated Press
Aug. 12 Brian K. Bowling WI losses over $1,700,000 51-month sentence. FBI.gov
Aug. 12 Nuno J. Sousa, Genilza R. Nunes NJ $2,152,800 Charges filed, arrest made. NJ.gov
Aug. 11 Jeffrey Gonsiewski IL losses of $5,500,000 Guilty plea. FBI.gov
Aug. 11 Access Mortgage Company Inc. ID penalty of $1,055,000 Judgment entered. Idaho.gov
Aug. 10 Kyle Grasso, Lila Rizk, Elliott Fitzgerald, Mark Alan Abrams, Nicole LaViolette, Jamieson Matykowski, Timothy Holland, Richard Maize, Thomas R. Schiff, L. Scott Robinson CA losses exceeded $40,000,000 Conviction of Grasso and Rizk. Justice.gov
Aug. 10 Jerry Velazquez, of Miramar, Guillermo Moran, Carolina Visbal, Rodolfo Landires FL $6,000,000 Charges filed. Justice.gov
Aug. 10 Liza Bautista WA $800,000 Indictment. Justice.gov
Aug. 10 William M. Silvi CO $1,900,000 Indictment. The Gazette
Aug. 10 Donald J. Felton, Bobbie Brown, Jonathan Hon IL $2,500,000 2 defendants to begin prison sentences. pioneerlocal.com
Aug. 9 Ralph Esposito, other defendants tied to Beaver Financial Services PA scheme Guilty plea. Justice.gov
Aug. 9 Dean Ackinclose, others from Lenders Corner PA multi transactions Guilty plea. Justice.gov
Aug. 9 Beau Wesley Gensmer, Christopher Glenn Kennedy MN $2,500,000 Guilty pleas. Justice.gov
Aug. 9 Mayelin Salas, Lucy Segurola FL $21,000,000 Guilty conviction. Fremont Investment and Loan, HUD were victims. Justice.gov
Aug. 9 George Guldi NY na Former legislator to represent himself in court. Newsday.com

archived case entries back to 2005

 
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